Joe Biden will be the one to decide if Japan’s Nippon Steel can acquire U.S. Steel. This comes after a group of experts failed to reach a consensus.
A government panel was discussing the potential national security risks of this deal. They failed to reach a common ground on Monday, so the President of the United States is going to take a decisition.
Monday was the deadline of the The Committee on Foreign Investment in the United States (CFIUS) to approve the deal, recommend that Biden block it or extend the review process.
The Japanese company proposed nearly $15 billion to buy U.S. Steel, but officials led by Joe Biden opposed it since March.
An official familiar, speaking on condition of anonymity, said some federal agencies were skeptical that allowing a Japanese company to buy an American-owned steelmaker would create national security risks.
The proposal stated that the American company could keep its name, but it would become a subsidiary of Nippon Steel.
Joe Biden and Donald Trump have talked with workers at U.S. Steel and vowed to block the acquisition.
However that position generate another problem and economic risk, cause a doubt of Nippon Steel’s potential investments in the mills and upgrades that might help preserve steel production within the United States.
